KPMG is done with the ACS audit
MadridUpdated:
New auditor dance on the Ibex 35. ACS has awarded the audit of its accounts for the next three years, including 2019, to KPMG to replace Deloitte, which had been evaluating the financial statements of the group chaired by Florentino Pérez for more than 30 years. The relay occurs after Deloitte was sanctioned with 267,260 euros by the Institute of Accounting and Audit of Accounts (ICAC), dependent of the Ministry of Economy, for serious infractions in the audit of the 2011 accounts of the construction company.
The contract also allows ACS to comply with the new Audit Law, which obliges companies to rotate as auditor at least every 10 years to guarantee their independence. In fact, after Banco Sabadell awarded its audit also to KPMG at the end of last year, the construction company It was one of the few Ibex companies that had not yet rotated in decades of auditor, along with Grifols and Dia, who have opted for co-audit.
The fact that it was the last big audit contract of the Ibex at stake made the contest aroused a strong appetite between KPMG, Pwc and EY, the so-called «Big Four» with Deloitte. And it is that the construction company paid in fees to its auditors during 2017 13,164 million euros.
